Professional Documents
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Construction Equipment
MARKET & OPPORTUNITIES
CONTENTS
Introduction Conclusion Appendix 2 15 16
Introduction
The Indian Construction Equipment sector has an estimated market size of US$ 2.4 2.6 billion for the year 2007. The industry has been growing due to the large investments made by the Government and the private sector infrastructure developments. The prospects of the construction equipment industry look attractive with a projected investment of US$ 320 billion in the infrastructure sector over the next few years. The Indian market is catered by about 200 domestic manufacturers (small, medium & large). Though the Indian construction equipment industry is a fraction of the global market, whose size is over US$ 75 billion, it has been growing at an average of 30 per cent annually compared to the global growth of 5 per cent. India is one among the top 10 markets for construction equipment and is one of the key international market. The growth in this industry is expected to be primarily due to investments in infrastructure, investments by the Government in the form of external borrowings and internal accruals by Public-Private-Partnerships (PPP) model. Indian firms are strengthening their existing operations for catering to the growing domestic demand and are also planning to expand to tap overseas markets. At the same time international majors have ambitious plans for India.
construction & Material Handling Equipment Industry Products Spare Parts Unorganised Sector Services Exports
Source: CII-KPMG Report on Indian Infrastructure, KPMG Analysis
The imports market is estimated around US$ 375 million. Of these, the earthmoving, excavation and hauling equipment categories command around 25 per cent. Imported used equipments, which include highend hydraulic mobile cranes, excavators, motor graders, vibratory compactors comprise a negligible 0.4 per cent of the total construction equipment market.
company
JCB India BEML TELCON L&T Case/Komatsu Caterpillar India Ingersoll Rand Volvo ECEL Greaves Cotton ACE Ltd. Others Total Market
Market Share
13.2% 12.3% 11.3% 6.3% 5.7% 4.2% 3.9% 2.4% 1.5% 1.5% 37.7% 100.0%
The exports of Indian construction equipment industry were estimated at US$ 35 million in 2004-05. The growth in exports in the period 2000-01 to 2004-05 was around 30 per cent. The potential exports market for construction
equipment from India is projected to be around US$ 100-120 million by 2010. Spare parts revenues range anywhere from 2029 per cent of the total sales for representative companies and are predominant in tunneling and drilling equipments. Services revenues have been higher for global players at around 1120 per cent in comparison to 28 per cent of Indian players. The construction equipment industry in India has more than 200 players; however, the top 6 players occupy about 60 per cent of the market. The following are players and their contribution to the Indian construction equipment industry.
Earthmoving equipment Road construction equipment Material handling equipment Tunneling and Drilling equipment Construction vehicles
The following is the industry structure and the categories involved in the construction equipment industry: In terms of size, earthmoving equipment constitutes the biggest segment, accounting for nearly 57 per cent of the overall equipment market. Material Handling equipment and tunneling and drilling equipment follow with 13 per cent and 12 per cent respectively. The performance of each segment is discussed separately under various heads.
INdUSTRy STRUcTURE
India produces the entire range of construction equipment for different applications. The industry can be broadly classified under the following categories:
construction Vehicles
construction Equipment
Excavators
Backhoe
dumpers
cranes
Road Rollers
Loaders
Bull dozers
Tankers
conveyors
concrete Mixers
Trenchers
Tippers
Forklifts
Stone crushers
Motor Graders
Motor Scrappers
Trailers
Hoists
Pavers
crawker Loader
construction Equipment Industry Structure Earth Moving Equipment Material Handling Tunnelling & Drilling for Mining Road Construction Equipment Concrete Equipment Concrete Preparations
Source: KPMG Analysis, Industry Sources
EARTHMOVING EQUIPMENTS
The earthmoving equipment market in India is estimated at about US$ 1.4 billion. The predominant sub-segment in this is excavators, which account for just over half the market. Backhoes account for 26 per cent and loaders for another 5 per cent share. The prime driver for earthmoving equipment is mining activities and construction industry. Within these industries, the key demand drivers going forward are likely to be road construction, urban infrastructure, irrigation, real estate. construction and mining.
Earthmoving Equipment Segment Total Market Size ~ US$ 1.4 billion
18%
5% 51%
26%
range of capacities and are usually classified on the basis of tonnage. The lower end excavators, referred to as mini excavators, find greater usage in urban infrastructure development and road development. The heavier duty excavators are used in mining and heavy construction. In India, the level of technology of the equipment manufactured is at par with international standards with some exceptions being the limited usage of electronic controls and hydraulic systems and engines adhering to the latest emission norms. The excavator market in India was around US$ 733 million in FY06 with a total of about 4455 units being sold. There is a sizeable market for used equipment as well. Excavators have registered a 30 per cent CAGR (Compounded Annual Growth Rate) for the past four years. Given the long term nature of Indias infrastructure development plans, similar growth rate is expected in future as well. High end excavators incorporating modern technology are witnessing faster growth compared to the traditional low end excavators. In terms of tonnage, 618 tonne excavators have grown at a CAGR of 9 per cent while 1822 tonne excavators have registered a growth of 23 per cent CAGR during the period of FY01-06. The 22-50 tonnes excavators have seen a CAGR of 35 per cent and over 50 tonnes have registered 19 per cent CAGR in the same period. Increase in the sales of smaller sized excavators is largely driven by irrigation projects. Increased privatisation of mining and capacity augmentation in cement industry has propelled the growth for larger excavators. The key players in this sector are Telcon, L&T Komatsu, Volvo, CAT and JCB. Telcon is the market leader with about 50 per cent of the market.
ExcAVATORS
Excavators are extensively used in many roles such as digging of trenches and foundations, demolition, general grading/landscaping, heavy lifting (e.g. lifting and placing of large concrete pipes), river dredging, mining and brush cutting with hydraulic attachments. Excavators come in a
A product range catering to the entire basket of equipment requirement of the customer is one of the differentiators in the market place. Indian players have the advantage of long experience in the market, leading to deep relationships with buyers, well spread out service networks and a deep understanding of the customers current and emerging needs. Multinationals that are relatively new entrants have strengths in the areas of technology, presence across the spectrum of equipment and providing end-to-end solutions.
New technology enables better quality of service, low cost of ownership (low fuel consumption, less downtime, ease of maintenance, etc.), better resale value and reliability even in case of overuse or abuse of the equipment. Presence across the spectrum enables the firm to present a one-stop shop to customers. End-to-end solutions to customers help in retaining customers over the entire equipment usage cycle, right from financing through service and maintenance, till resale / disposal. Based on these strengths, over the last few years, relatively new entrants into the Indian market have been gaining share at the expense of the traditional market leaders.
operating costs by making the machine more fuel efficient, it is not perceived to be as important for backhoes as it is for excavators. With more players and increased competition, price competition may increase. The drivers for this market have been the housing and urban construction. Backhoes are used for all construction applications and hence have a very high utilisation for renters. Backhoes are perhaps the only market in India amongst construction equipment that have reached a stage of maturity and scale where exports could be considered.
LOAdERS BAcKHOE
The backhoe loader, consisting of a tractor, front shovel/bucket and small backhoe in the rear is a versatile piece of equipment and is therefore often the only piece of heavy equipment brought onto small to medium landscaping projects. A backhoe can duplicate the work of a bulldozer, front end loader and excavator. The backhoe loader also has the advantage of being driven directly to the different job areas as opposed to other specialised machines which need to be towed into the site and require external power sources.
Backhoe Market
2005-06 2004-05 2003-04 2002-03 0 2,000 4,300 3,725 4,000 6,000 8,000 10,000 12,000 6,303 CAGR 37% 9,590
Loaders are used mainly for uploading materials into trucks, laying pipes, clearing rubble, and digging. The flexibility of usage is low as compared to a backhoe and loaders are largely used as complimentary products for material re-handling in construction and mining applications.
Loader Market
2005-06 2004-05 2003-04 2002-03 0 200 400 475 600 800 1,000 1,200 1,400 600 998 CAGR 41% 1,321
India is the second largest market for backhoe loaders in the world with a market size of approximately US$ 358 million. The market has been growing at a rate of close to 37 per cent CAGR over last four years. Going ahead growth is likely to be at least 11 per cent CAGR over the next few years. Most industry players however expect much faster growth (around 30-40 per cent) in the near term. JCB India is the leader in this segment with a share of over 70 per cent. Other players include Telcon, L&T, Caterpillar and Terex. While technology plays a key role especially for lowering
The total market for wheeled loaders was approximately US$ 64 million in FY06 with a total of about 1321 units being sold and has been growing at a CAGR of about 41 per cent over the last 4 years. The growth is expected to continue at 10 per cent CAGR over the next few years. As in the case of backhoes, faster growth of about 20-30 per cent is expected in the near term. Unlike excavators, the growth in loaders is greater in the lower capacity categories (<10T). Key players in the Loaders market are Caterpillar (~50 per cent share), JCB and Telcon with L&T Komatsu and Volvo being players with a relatively smaller presence. In the high capacity loaders market (>15T), Volvo is a significant player. Most of the customers for loaders are first time buyers and this is the reason for huge sales of lower end loaders. Just as it is for excavators, a complete range of products and comprehensive maintenance and service support are becoming the critical success factors for players in the
industry. The demand of loaders is from increased global demand for iron ore mining activities in the country.
Rotary / DTH drilling, hammer track drill, boring equipment, and demolition equipment. Bharat Earthmovers Limited (BEML) & Caterpillar lead the market of construction vehicles, consisting primarily of dumpers & dozers. The competitive advantage of construction equipment lies on technological superiority and a wide product portfolio. Its also important to maintain strong relationships with the large, organised buyers.
key demand drivers are steel and power industries (growing at around 9 per cent annually). The major players in this segment are ECEL and Actions Construction Equipment (ACE). While ECEL has been the traditional leader in this segment, ACE has been gaining share. A third player Omega has been able to capture 2.5 per cent of the market within one year of commencing production. The barriers of entry in this segment are low. The first movers have the added advantage of established sales, service and distribution network along with an existing component supplier.
Limited (TIL) being the market largest domestic player. TIL and ECEL have a market share of around 32 per cent and 6 per cent in terms of volumes. Telcon is the sole player in the crawler cranes segment with a share of approximately 50 per cent by volume (balance is accounted for by used imports). Shirke Potain is the market leader in the Tower crane category with 50 per cent market share followed by ACE at 25 per cent market share. ACE plans to widen its product portfolio in the cranes segment through manufacture of Truck Mounted and Tower cranes. This segment has healthy growth prospects.
OTHER cRANES
Other cranes prevalent in India primarily consist of slew cranes, crawler cranes and tower cranes. These are higher value, more sophisticated cranes than pick-n-carry cranes and are typically used for heavier duty work. The market for slew cranes is about US$ 35 million (300 numbers) with about US$ 13 million (180 numbers) of this being accounted for by imported used equipment. Within slew cranes, yard cranes are the most prominent, comprising 65 per cent of all new slew cranes. The crawler cranes market is about US$ 25 million (210 numbers) with imported used cranes comprising about US$ 9.5 million (110 numbers). Tower cranes are about US$ 15.6 million (175 numbers). In volume terms other cranes comprise about 16 per cent of the overall cranes market in India, but in value terms these cranes account for almost 47 per cent of the market. While slew cranes have witnessed a CAGR of 34 per cent over the last 2 years, tower cranes have grown at 71 per cent CAGR in the same period. Industry sources indicate a growth rate of between 15-20 per cent over the next few years. Demand for other cranes is driven primarily by the construction and industrial sectors. Within industrial applications, the key demand drivers going forward are likely to be the power, refinery and mining sectors. With increasing average scale of infrastructure and construction projects, the growth rate of slew (specifically yard/rough terrain) and tower cranes is likely to surpass the average growth rate of the overall cranes segment. With improved road networks by 2008-09, demand for truck mounted cranes may also witness a spike. In the slew cranes segment, used imports dominate the market, with Tractors India
FORKLIFTS
Fork lifts are low tonnage vehicles used to transport materials stored in pallets, within limited spaces. Most forklifts are in the 1 tonne5 tonnes range, though equipment up to 20 tonne are available. The flexibility and speed these equipment offer make them ideal for repetitive material handling tasks especially in restricted areas like warehouses and yards. There are 3 types of forklifts based on fuel input - Diesel, Liquefied Petroleum Gas (LPG) and Battery. Each variant finds application in different industries based on the load factor determined by the power inputs, pollution etc. The current market is approximately of 2150 units per annum for forklifts with a market size of approximately US$ 38 million. The segment has been on a 20 per cent growth trajectory year-on-year and is estimated to grow at a CAGR between 10-20 per cent. Diesel powered forklifts comprise a bulk of the market size at 83 per cent and are likely to drive growth going forward. Demand for forklifts will be driven primarily by new capacity creation and increased automation in the manufacturing and logistics (warehousing) sectors. Forklifts contribute to making the end user industry organised and less labour intensive (in material handling). It has also increased the levels of palletisation and containerisation. Godrej and Voltas are the two major players having around 80 per cent market share, with Godrej having 48 per cent share. The forklifts market is highly price sensitive. Technology is presently not seen as a differentiator, but with the end user industries becoming more organised and competitive, it would become increasingly important.
83%
83%
n Diesel
Source: Industry Sources, KPMG Analysis
n Battery
n LPG
n Diesel
Source: Industry Sources, KPMG Analysis
n Battery
n LPG
cONSTRUcTION INVESTMENT
The Indian construction industry is worth US$ 145 billion. The sector represents the second largest economic activity after agriculture and employs around 18 million people. Construction investments account for 11 per cent of GDP and around 50 per cent of the gross fixed capital formation,and are expected to grow to the tune of US$ 182 billion at a CAGR of 8 per cent over the years of FY 06-08. Construction equipment accounts for around 524 per cent of the total cost incurred in any construction project. The construction industry is a primary demand
Construction Industry - Projected Investment Growth
2006-08 2003-05 0 20 40 112 98.8 60 80 37.8 48.9 9.1 180 200 21.3
driver for earthmoving and road construction equipment. Increasing mechanisation of industry and construction facilitates greater penetration of construction equipment. Recent Government policies around tax benefits for infrastructure ventures have boosted equipment usage. Construction investment is composed of three components - infrastructure investment, real estate construction investment and industrial construction investment. Each of these components is discussed separately in the following sections.
INFRASTRUcTURE INVESTMENT
Investments in infrastructure can be classified under investments for roads, ports, airports, railways, pipelines, irrigation and waterways and urban infrastructure Roads Significant investments are expected to be made in this sector over the next 5 years. The National Highway Authority of India (NHAI) has drawn up detailed plans for highway development as part of the National Highway Development Program (NHDP). The total potential orders are around US$ 55 billion over the next five years. While the initial impetus has been given by the investment in the Golden Quadrilateral (GQ) and North-East-West-South (NEWS) corridor, once these arterial roads are completed, further growth will be fuelled by the second level of roads
n Real Estate
Source: CRIS INFAC
n Infrastructure
n Industrial
Pipelines Gas discoveries are the key drivers for laying pipelines. An estimated 18,671 Km. of domestic oil & gas pipeline network is expected to be laid between 2004 and2008. Irrigation and water supply After road, irrigation is one of the key sectors expected to contribute significantly to the total infrastructure investment over the next 3 years. Estimated US$ 10.1 billion of investment is expected in irrigation and water supply projects over the period 2006-10. Over 300 new irrigation projects have been taken up or are in the process of being taken up by the Government of India as part of the 10th plan to increase the irrigation potential. A total of US$ 208 million has been released under the program during the current year, in addition to US$ 1 billion allotted for repair, renovation and restoration of 20,000 water bodies with a command area of 1.47 million hectares.
Total Planned Irrigation Investments
2005-08 2003-05 0 2 4 6 6.4 8 10 11 10.1
viz. state highways and rural roads. Further, the maintenance of these newly developed roads in addition to the increased maintenance expenditure on existing roads will fuel further growth. Construction equipment constitutes around 22 per cent of the total investment in road construction. Ports The projected investment for improving major and minor ports in India is around US$ 18 billion over the next four to six years. A major portion of the investment for improving the major ports is expected to come from private players. Privatisation has been regarded as one of the key avenues for increasing investments in this segment. Another pertinent factor is the expected growth in the cargo handled at all Indian ports, which is expected to grow at a CAGR of 8 per cent. These developments would drive demand for material handling equipment such as cranes for handling cargo and construction equipment for infrastructure development in the ports. Airports Domestic passenger and international inbound and outbound traffic is expected to increase with increasing investments and trade activity necessitating improvement in infrastructure at airports. The estimated investment for developing airports is around US$ 9 billion over the next 3 to 4 years of which the estimated cost for upgrading the major airports in the four metros is around US$ 2.2 billion. Privatisation of a few of these airports is expected to attract bulk of the investments.
Increased emphasis by some state governments such as Gujarat and Andhra Pradesh on irrigation and water supply projects is expected to drive growth. Over the next 5 years the Andhra Pradesh government alone has envisaged an investment of US$ 8.8 billion. 60 per cent of the total investment on irrigation is on construction and around 21 per cent of this construction investment is on construction equipment. The total investment planned in irrigation are as follows: Urban Infrastructure Development of urban infrastructure has been a priority area for the Government of India, and the Government has been encouraging private participation in this segment. Investment in urban infrastructure is expected to double from US$ 5.4 billion in 2005 to nearly US$ 10.9 billion in 2010. The Central Public Health and Environmental Engineering Organisation (CPHEEO) has estimated the requirement of funds for 100 per cent coverage of the urban population under safe water supply and sanitation services by the year 2021 at US$ 41.2 billon. Estimates by
Railways The investment in this segment is expected to be focused on relaying of tracks and improving the existing network. The Government has awarded US$ 820 billion of projects to private firms.
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Rail India Technical and Economic Services (RITES) indicate that the amount required for urban transport infrastructure investment in cities with population 100,000 or more during the next 20 years would be of the order of US$ 49.3 billion. To catalyse development of urban infrastructure, 100 per cent FDI under the automatic route has been permitted in housing and urban infrastructure projects.
Total Planned Urban Infrastructure
FY10 E FY09 E FY08 E FY07 E FY06 E FY05 E 0 2 4 5.4 6 8 10 12 6.2 7.1 8.2 9.5 10.9
An estimated US$ 13.8 billion of investments is expected in the next 5 years in mass road transport systems, drinking water supply, sewage treatments, etc. There would be a need for removing huge infrastructure bottlenecks that impact the growth of large Indian cities. The investments are expected through Government and private participation. The estimated CAGR over the next 3 years is 12.9 per cent. These investments would lead to demand for backhoe loaders, excavators and cranes.
100
120
140
160
11
POWER
Investment to the tune of about US$ 96.5 billon is expected in Indias power sector in the next 10 years, for adding generation capacity. The installed capacity in India is projected to grow to 212,000 MW by 2012 as against current level of 115,000 MW. This translates to a growth of 86 per cent over a period of 7 years, or a CAGR of 9.3 per cent. Ramping up of installed capacity is a key imperative for growth, as 55 per cent of population still does not have access to power. The estimated investment till 2009 is about US$ 37.6 billion which is projected to translate down to US$ 20.3 billion on construction and US$ 4.6 billion on construction equipment.
Installed Capacity at the End of the Period
2012E 2005 1990 1980 1970 1960
STEEL
Steel majors in India have undertaken large capacity expansion projects with an expected capex outlay of US$ 15.4 billon. This is to meet growing demand for steel from infrastructure projects, other construction activities, automobile and consumer durable industries. The industry is estimated to grow at 9-10 per cent over the next 5 years. The production and consumption have experienced steady growth over the period considered.
50,000
100,000 MW
150,000
200,000
250,000
RETAIL
Exponential growth and emerging competition in organised retail in India is expected to drive the organised logistics and warehousing industries. Indias organised chain store retail is at the inflection point. The estimated potential market size is US$ 60 billion by 2015 implying a CAGR of 32 per cent over next 10 years. This would drive the construction of new stores, in turn leading to demand for construction equipment. The chart below shows the projected growth in the organised retail.
million tonne
n Production
Source: CRIS INFAC, SSKI Research
n Apparent Consumption
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REFINERIES
Indias refining throughput as also oil consumption is expected to chart out a steady growth path. It is expected to reach approximately 187 million tonnes by 2010. The estimated throughput growth is at 10 per cent over 2006-10.
India Refining Capacitiy Demand-Supply
200 160 120 80 40 0 2005 2006 2007F 2008F 2009F 2010F Refining Throughput
use has increased the scope for contract mining leading to potential increase in open-cast as well as underground mining activity. The mining sector attracts significant demand for earthmoving equipment. The mining investments can be categorised as follows.
n Oil consumption
Source: CRIS INFAC, SSKI Research
n Refining Throughput
13
The construction equipment industry in India is evolving from traditional, low end equipment to technologically advanced, high end ones. At the same time competition is intensifying with large Indian players such as BEML, ECEL and L&T competing with multinationals such as IR and JCB. In this milieu, the demand for equipment is set to grow rapidly. These trends indicate that sustaining growth and competitiveness in the industry would require firms to develop the required critical capabilities. These are discussed in the next section.
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The state is keen on encouraging private sector participation in improving R & D infrastructure. The contribution of exports by engineering items has been around 8.4 per cent in 2002-03. The contribution of exports of machinery has been around US$ 35 million, which has grown at CAGR of around 50 per cent.
GUjARAT
Factor Conditions Engineering sector is highly attractive in this state. This sector is supported by proactive policies and is capability driven. The state is a leader in terms of labor productivity. The state in the past attracted FDI amounting to around 7 per cent of total FDI approvals in India till 2004. The state offers quality manpower and infrastructure facilities such as power, water supply, ports, and gas grid. This has encouraged many multinational companies to set up manufacturing operations in this state.
Attractive States/Locations
The states which would attract construction equipment sales would be those which have infrastructure developments and have other construction development activities happening, like in SEZs. Most of the states have infrastructure development activities. But the states in which setting up construction equipment plants would be attractive are:
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Conclusion
The Indian construction equipment industry is a key segment of the manufacturing sector and is poised for excellent growth in the coming years, based on Indias overall manufacturing sector and infrastructure growth. The overall industry has been growing at 30 per cent CAGR and is projected to grow at 15 to 20 per cent over the next few years. Earthmoving equipment, material handling equipment and road construction equipment are key segments expected to contribute to the bulk of the growth, driven by construction activity in the parent sectors. To leverage this opportunity, Indian construction equipment manufacturers need to focus on developing individual and pooled capabilities to develop global competitiveness across the sector. Collaborative endeavours to provide integrated services, industry bodies to promote the industrys interests and working with the Government to promote technology development are some of the key measures to be taken.
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Appendix
this industry. The following are the products which are manufactured by BEML: bulldozers, dump trucks, hydraulic excavators, wheel loaders, wheel dozers, tyre handlers, pipe layers, rope shovels, walking draglines, motor graders, scrapers, water sprinklers, aircraft towing tractors, backhoe loaders, and road headers & side discharge loaders for underground mining applications. Some of their customers are Delhi Metro Rail Corporation, Coal India, Jessop Co. Ltd. (Railways). They have facilities established in Bangalore, Kolar Gold Fields, and Mysore Karnataka. They have 70 per cent market share in domestic earthmover industry and 12 per cent in the overall construction equipment industry. They have 33 marketing offices and have a strong foothold in the Government sector.
17
the excavator segment and an overall marker share in the construction equipment segment of 11 per cent. Tata group of companies, Government enterprises, and contractors are their major customers. They have facilities installed at Jamshedpur in Jharkhand and Dharwad in Karnataka. Their marketing network is situated in 30 Indian states and 3 international locations.
Voltas
The public limited company a part of the Tata group is the second largest player in the forklifts segment after Godrej. The customers are engineering industries. Their products are: industrial air conditioning and refrigeration equipment, air conditioners, water coolers, freezers, commercial refrigerators, forklift trucks and large water supply pumps. The company has a turnover of US$ 260 million of which less than 7 per cent is accounted by the material handling division. They have 31 per cent share in the forklifts segment. They have facilities in Thane, Maharastra; Union territory of Dadar; and Sanathnagar in Andhra Pradesh. Voltas has its head office in Mumbai and zonal head-quarters in Mumbai, Kolkata, New Delhi and Chennai. It has territorial offices in 8 more Indian cities and 3 international locations.
Telco construction Equipment company Limited (Telcon) Escorts construction Equipment Limited (EcEL)
The company is a market leader in excavators and collaborates with Hitachi Construction Machinery Company, Japan, for hydraulic excavator and cranes; John Deere, USA, for backhoe loader technology; CESAN, Turkey, for asphalt plants. It is a subsidiary of Tata Motors and has a turnover of US$ 283 million. Their major products are excavators, loaders, mechanical shovels, high tonnage crawler cranes etc. They have 50 per cent market share in It is a pioneer manufacturer of Pick and Carry cranes. The company is a subsidiary of Escorts Limited. It has a turnover of US$ 61 million. They hold 56 per cent market share in the domestic pick and carry market. They have facilities installed in Faridabad, Haryana. Their products include pick and carry cranes, slew cranes, articulated boom cranes, tower cranes, forklift trucks, front end loaders, vibratory soil compactor,
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tandem vibratory roller etc. Large, medium and small sized private enterprises as well as Government enterprises are their customers. They have 16 ECEL business centers and 54 dealer locations. The company has plans of setting up new facilities.
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DISCLAIMER
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India Brand Equity Foundation (IBEF) is a public-private partnership between the Ministry of Commerce & Industry, Government of India and the Confederation of Indian Industry. It aims to effectively present the India business perspective and leverage business partnerships in a globalising market-place. India Brand Equity Foundation c/o Confederation of Indian Industry 249-F Sector 18, Udyog Vihar Phase IV Gurgaon 122015, Haryana, INDIA Tel: +91 124 401 4087, 4060 - 67 Fax: +91 124 401 3873, 401 4057 Email: j.bhuyan@ciionline.org Web: www.ibef.org Website in the Russian language: www.ibef.org/russia